04:24 AM EDT, 05/15/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Arcutis Biotherapeutics' ( ARQT ) shares surged more than 20% in premarket activity on Wednesday after the company reported a narrower loss and handily beat market expectations for sales.

The company reported a Q1 loss late Tuesday of $0.32 per diluted share, compared with a loss of $1.31 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.73.

Revenue for the quarter that ended March 31 was $49.6 million, up from $2.8 million a year earlier.

Analysts surveyed by Capital IQ expected $15.1 million.

Price: 9.99, Change: +1.86, Percent Change: +22.88